VCs back solar technology

Pan-European venture capital firm Wellington Partners has led the US$27m funding of Heliatek, a specialist in the field of organic solar cells.

Industrial investor Bosch and corporate venture capital investors RWE Innogy Ventures and BASF Venture Capital, the High-Tech-Gründerfonds, eCAPITAL entrepreneurial Partners AG, the Technologiegründerfonds Sachsen Start-up GmbH & Co. KG and GP Bullhound Sidecar are also involved in the funding round.

Heliatek will be using the funds predominantly to build a production facility in Dresden.

General partner at Wellington Partners, Bart Markus said: “We believe that truly break-through 3rd generation technologies that bring PV well beyond grid parity will be the success stories of the future, and we think Heliatek is excellently positioned to capture that opportunity.”

European investment bank for technology companies GP Bullhound advised Heliatek on this round of financing.

Established in 2006, Heliatek was formed as a spin-off from the Universities of Dresden and Ulm. The company develops organic solar cells and employs 30 people in Dresden and Ulm.